Bush: Delay On Bailout Courts Disaster

President Says "Entire Economy Is In Danger" In Prime-Time Address; Calls Candidates For Bipartisan Summit

(CBS/AP)  Speaking in dire terms, President Bush on Wednesday warned Americans and lawmakers reluctant to pass a historic financial rescue plan that failing to act fast risks wiping out retirement savings, increasing foreclosure rates, job losses, closed businesses and "a long and painful recession."

He spoke just after inviting Democratic Sen. Barack Obama and Republican Sen. John McCain, one of whom will inherit the economic mess in four months, and key congressional leaders to an extraordinary White House meeting Thursday afternoon to hammer out a compromise.

"Without immediate action by Congress, American could slip into a financial panic and a distressing scenario would unfold," Bush said in a prime-time address from the White House East Room that he hoped would help rescue his tough-sell bailout package.

Democrats and Republicans were nearing an agreement on the rescue legislation, the most sweeping government intervention in the market since the Great Depression, and set a meeting early Thursday to begin drafting a bipartisan bill.

With the administration's original proposal considered dead in Congress - even McCain called it flawed - top House leaders issued an upbeat statement late Wednesday saying there was progress toward revised legislation that could pass.

"We are committed to continuing to work cooperatively and on a bipartisan basis to safeguard the interests of the American taxpayers," said Speaker Nancy Pelosi, D-Calif., and House Republican leader John Boehner of Ohio.

Rep. Barney Franks, D-Mass., a lead negotiator on the package, said given the progress of the talks, the White House meeting scheduled for Thursday afternoon was a distraction.

"We're going to have to interrupt a negotiating session tomorrow between the Democrats and Republicans on a bill where I think we are getting pretty close, and troop down to the White House for their photo op," said Frank, the House Financial Services Committee chairman. "I wish they'd checked with us."

A new CBS News/New York Times Poll shows the president's rating on handling the economy has fallen to its lowest level ever. Only 16 percent of Americans approve of the job he is now doing on this issue, while 76 percent disapprove.

The administration has endorsed several of the changes that have been demanded in recent days from the right and left, including limits on the pay packages of executives who take government aid. But he warned that he would draw the line at regulations he determines would hamper economic growth.

"It should be enacted as soon as possible," the president said, arguing that "our entire economy is in danger."

Bush's address Wednesday was designed to explain the package to the American public, but also to keep pressure on frustrated and angry lawmakers to work out a bipartisan deal quickly.

The president said the goal is to allow the government to buy up troubled assets from struggling financial institutions so that credit can start flowing again. He said the rescue is aimed at helping the country, not individual companies.

"With the situation becoming more precarious by the day, I faced a choice: to step in with dramatic government action or to stand back and allow the irresponsible actions by some to undermine the financial security of all," Bush said.

The president called Obama around 7:30 p.m. on Wednesday, shortly before the address, to invite the Democratic presidential nominee to the White House meeting Thursday, reports CBS News White House correspondent Mark Knoller. White House aides extended the invitations to McCain and to GOP and Democratic leaders from Capitol Hill.

According to a spokesman, Obama agreed to the meeting and voiced support for the president's address.

"While Sen. Obama believed that the administration's initial proposal was flawed and unacceptable to the American taxpayer, he was heartened tonight that the president seemed to be moving in the direction of the principles that Senator Obama outlined over the last week, including limits on CEO pay, independent oversight, and taxpayer protection. He was also encouraged that the president suggested strengthening an outdated regulatory structure that led to this crisis, something that Sen. Obama specifically proposed last March," said Obama spokesman Bill Burton.

Intensive, personal wheeling and dealing is not usually Bush's style as president, unlike some predecessors. He does not often call or meet with individual lawmakers to push a legislative priority.

The meltdown among several financial institutions and intense negotiations with Congress over the administration's requested $700 billion bailout package led the president to return to Washington early from a three-day whirl of international meetings in New York. He also canceled plans to spend the afternoon in Florida raising campaign cash for Republicans.

The package has been met with deep skepticism on Capitol Hill, especially from conservatives in Bush's own party unhappy with the high price tag and unprecedented private-sector intervention. Though there is general agreement that something must be done, the administration has made big concessions almost daily based on demands from the right and left. The timing and even the size of the package remained in doubt.

White House and administration officials have warned repeatedly of what White House press secretary Dana Perino on Wednesday called the risk of "financial calamity."

"The cold on Wall Street could infect Main Street," Perino said. People "are concerned about their homes, their education funds, their retirement accounts, their savings."

In a move welcome at the White House, Obama and McCain Wednesday evening issued a joint statement urging lawmakers to act.

“The American people are facing a moment of economic crisis," the candidates said. "No matter how this began, we all have a responsibility to work through it and restore confidence in our economy. The jobs, savings, and prosperity of the American people are at stake."

“Now is a time to come together - Democrats and Republicans - in a spirit of cooperation for the sake of the American people," they continued. "The plan that has been submitted to Congress by the Bush Administration is flawed, but the effort to protect the American economy must not fail."

Added Obama and McCain: "This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe. Now is our chance to come together to prove that Washington is once again capable of leading this country.”

However, the Oval Office rivals were not putting politics aside entirely. McCain asked Obama to agree to delay their first debate, scheduled for Friday, to deal with the meltdown. Obama said the debate should go ahead.

The White House has struggled to determine how to deploy Bush.

As the financial crisis mushroomed over the weekend of Sept. 13, the president generally stayed out of the limelight, letting Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke take the lead with reporters, lawmakers and the public. Bush remained silent for days.

Since Thursday, however, the president has talked about the crisis almost daily, although usually briefly, and yet he still has had trouble breaking into the debate. News coverage has barely mentioned Bush's comments.

The decision to use what is perhaps a president's largest available weapon - the ability to demand a presence on evening television screens nationwide, from a setting with the ultimate bully-pulpit power - is one sign that the rescue package still faces daunting hurdles.

The economic crisis is almost certain to overshadow the rest of Bush's four months left in office and could hugely impact his legacy. It has been assumed that the long-term view of Bush's presidency was to be shaped largely by Iraq, Hurricane Katrina and the Sept. 11 attacks. Now, the dire economic problems and the aftermath of the government's attempted solution will certainly be added to that list.

[mcv57]

The Bail-Scam is a SHELL GAME TO BUY TIME for the present legistrative branch and executive branch - to retire and shore-up legal manuvers.

WE THE PEOPLE, MUST CALL THE RETURN OF OUR MILITARY TO SIEZE THIS CORRUPT GOVERNMENT REGIME!

[stn_sage]

George Bush is a train wreck in motion!

He has never told us the truth on anything yet!

This is an ''eleventh hour'' attempt to destroy upward mobility for citizens from the middle and lower classes for decades to come and to establish a permanent wealthy ruling class!

Republicans all over the country ought to be ashamed of how their leaders in Congress---and Bush in particular---have negatively impacted this country!

Tonight, I''m sure we will see the same ''W'' menu of implied calamity, threats, intimidation, and blackmail! But, we mustn''t listen to his lies and realize that he''s done in four months---and yes, WE---mainstream America---WILL rise above all the problems HE and his allies in Congress have caused us!

Don''t worry people, it will be alright in the long run!

[im4honesty]

Hopefully, someday soon, Bush and Cheney will face a trial and then a firing squad!!!

[im4honesty]

Wsa it me or when Macain said he would stop his campaign..............Is his left eye dropping?He''''s had a stroke!!!!!


--------------------------------------------------------------------------------

Posted by labombaOH


I noticed that too on the picture heading the story about him ''suspending the campaign''. It didn''t hit me at first, but you may be right. It would make sense. Surely his handlers aren''t such traitors they would let our country fall into the hands of his brain-dead running mate.

[stn_sage]

Wsa it me or when Macain said he would stop his campaign..............Is his left eye dropping?He''''s had a stroke!!!!!

Posted by labombaOH at 08:46 PM : Sep 24, 2008
------------------
It''s NOT you! You may very well be correct!
He does look like he may have had some type of minor stroke! And it figures! The stress on him right now must be HUGE!

But the point is, if he can''t handle it NOW---how''s he going to handle it if he gets in?! It''s only going to get worse over time!

[enoughya]

Bush, the biggest con artist we have ever seen in the WH, is trying to pull a fast one on us citizens to enrich the "have-mores" one last time. Bush scams always follow the same pattern: manufacture a crisis, surprise the public with it, and force urgent compiance to the plan Bush just happens to have in place. Americans are idiots if they are duped by this latest "bail out" swindle. We should all be screaming "no bail for Bush criminals and cronies" at this point.

[aaabee-2009]

McCain/Palin are being set up for a fall.

They''re being set up by the handlers of the Bush Administration.

They aren''t going to win this election. The Bush Administration knows it.

That is why these crooks are taking almost a trillion dollars of US Treasury funds and running. Anyone want to take bets that folks from the Bush Administration will end up in Halliburton''''s Dubai, where there are no extradition laws? And We, the People put them in office. Or, You the People did, anyway. LOL.

America has been shot in the back, folks, by GOP leadership. And the criminals will laugh at us as they leave the country with the money.

In Fond "Memory" of Ken Lay, wherever you are.

[stn_sage]

IF McCain got elected, and croaked two months into his term, is everybody ready for President Palin?!

I''M NOT!! I want---I DEMAND---somebody COMPETENT! I''d rather take over myself than see that half-baked loony from the ''Great White North'' take over!

[aaabee-2009]

Surely his handlers aren''''t such traitors they would let our country fall into the hands of his brain-dead running mate.
Posted by im4honesty at 08:59 PM : Sep 24, 2008

His handlers are Karl Rove''s people. Voluntarily, I might add. Nuff said?

[aaabee-2009]

Hopefully, someday soon, Bush and Cheney will face a trial and then a firing squad!!!
Posted by im4honesty at 08:53 PM : Sep 24, 2008

Not if they''re in Dubai, where the new headquarters of Halliburton were built. No extradition laws in Dubai.

[txgrouch2006]

While our President is speaking, please keep in mind that

THIS BAILOUT IS A HUUUUUUUGE CONFLICT OF INTEREST for the MANY members of Congress who are personally invested up to their armpits in subprime loans. They are BAILING THEMSELVES OUT. Many of them stand to receive MILLIONS OF DOLLARS out of OUR POCKETS.

Our legislators have discovered that they can vote THEMSELVES largesse out of the public treasury.

Economic collapse and dictatorship is sure to follow.

WHAT DOES MR. BUSH INTEND TO DO ABOUT THIS??????

[jumkey]

What an idiot this guy is.

I''m not paying a dime to bail out the idiots.

I work for a living. Nothing changes for me either way.

Time for Republicans to get jobs and do some work for a living.

Let it crash.

[txgrouch2006]

After the gov''t buys all these home loans,

WHERE WILL THE MONEY GO from the monthly payments, loan payoffs when homes are sold, and from foreclosure auctions?

THIS MONEY SHOULD GO DIRECTLY TO PAYING OFF THE HUGE DEBT that will be incurred to buy out these loans.

IT SHOULD NOT BE CONSIDERED ADDITIONAL REVENUE for the gov''t to spend WHILE HE DEBT REMAINS UNPAID.

This debt needs to be retired as quickly as possible. All monies generated by the loans should go directly toward paying off the government''s debt.

[aaabee-2009]

Top McCain 2007 Contributors
1 Citigroup Inc (Subprime Scandal) (Class 3 asset questions) $145,050
2 Blank Rome LLP %u2013 (attorneys) $141,400
3 Greenberg Traurig %u2013 (1750 lawyers) $129,987
4 Merrill Lynch (Subprime Scandal) (Class 3 asset questions) $119,675
5 Goldman Sachs (Subprime Scandal) (Class 3 asset questions)
$111,050
6 IDT Corp %u2013 (telecommunications) $80,150
7 Pinnacle West Capital $77,850
8 Bank of New York Mellon (Subprime Scandal) $74,000
9 JP Morgan Chase & Co (Subprime Scandal) (Class 3 asset
questions) $72,100
10 Irvine Co Apartment Community $68,400
11 Broadcasting Media Partners $67,800
12 MGM Mirage $66,100
13 Credit Suisse Group $63,350
14 Lehman Brothers (Subprime Scandal) $61,450
15 Bridgewater Assoc $58,300
16 Cisco Systems $56,850
17 Triwest Healthcare Alliance $54,250
18 FedEx Corp $52,100
18 Wachovia Corp (Subprime Scandal) $52,100
20 Morgan Stanley %u2013 (Subprime Scandal) (Class 3 asset
questions) $51,950

[cpitard]

The Cause of the Financial Mess We%u2019re In

Everyone cites the cause of this great financial plight as the devious loan practices of the prior years. However, no one has looked into the ultimate reason these loans were able to be made. These loans were begun when interest rates plummeted due to the Federal Reserve reducing the Fed rate to a paltry 1%.
In the summer of 2003, just before his renomination as the head of the Federal Reserve Board, Alan Greenspan had two meetings with President Bush. No one knows exactly what was discussed.
It had been rumored that he would be replaced but, lo and behold, he kept his job, unlike the three finance ministers that Bush had replaced earlier.
For some reason, thereafter, the Federal reserve Board began this untiring reduction of interest rates to an unbelievable level of 1% and kept it there for some time.
At the same time, Bush continued his inflation of the money supply by reducing taxes, paying for the war in Iraq, and many, many other unnecessary spending programs.
Finally, in early 2004, just in time for the presidential election, the money began to flow through the economy, and Bush was re-elected.
Certainly had the meetings between these two kings been recorded, nothing directly improper would be found. However, the unspoken agreement between them might speak volumes.
Now you see the rest of the story!

[republic1776]

These parties both suck....
America''s future is "borrowing" and loans and credit cards?
Thank you, Woodrow Wilson, and FDR, Johnson, Carter.
America in Dept, is the American way!
Bob Barr 2008

[yongamerica]

Through Cheney and Bush''s leadership the USA has been in a steady decline from that very start of their swearing in ceremony. These guys are such professional liars, the only person that could possibly out lie them is the SNL - "ya, ya, that''s the ticket" character.
Listening to Bush tonight talking about a subject he obvious knows nothing about sickens my soul.

[p1tey1]

After the whole weapons of mass destruction lie, I''m not interested in anything Bush has to say. Fool me once, shame on you. Fool me twice, shame on me!

[intheshade-2009]

Bush is no position to call for a meeting or to interfear in clening up the economic mess that he has made. He should do the decent thing and resign.

[citizenusa-2009]

I''M ENRAGED!!! THIS INCOMPETENT CROOK AND HIS ADMINISTRATION R.A.P.E.D. THIS COUNTRY AND IS SPENDING TRILLIONS ON AN ILLEGAL WAR!! WE HAVE TO BAIL OUT THESE MISERABLE CREATURES?? THIS IS EXACTLY WHAT HE DID WITH THE COMPANIES HIS FATHER GAVE HIM BEFORE HE BECAME PRESIDENT. THIS GUY AND HIS CRONIES NEED TO BE IN PRISON.

[republic1776]

To Our Current Dems and Repubs Government is growing if we keep spending and make more dept!

[citizenusa-2009]

IMPEACHMENT IS LONG LONG OVERDUE!!!

[stn_sage]

Surely his handlers aren''''''''t such traitors they would let our country fall into the hands of his brain-dead running mate.
Posted by im4honesty at 08:59 PM : Sep 24, 2008
------------------
Sure, they would! That''s THEIR last laugh at the rest of us! They don''t care! You ''hit the nail on the head''! THAT''S a big part of what it''s about!

The last laugh on the American public---saddling them with someone extremely ill-equipped to do the job!
How long will we last under her? Before a huge mistake happens---and we''re either invaded or rockets are flying through the air?!

[aaabee-2009]

Well, I guess if Bush says there is an "immenent threat",Posted by Insurgeon1 at 09:06 PM : Sep 24, 2008

How many times has Bush pulled the Immenent Threat cord?

Every fear cord he''s pulled, the terrorist cord, the liberal cord, the patriotic cord, has pulled America lower into the dirt, not helped.

[misha128-2009]

The traditional disappointing lack of leadership that characterizes the Bush administration.

[timothyone-2009]

Will they delay the ELECTIONS next?

[tx2democrats]

L is for Loser...and Bush is the biggest
loser president ever......EVER.

what a joke gov''t has become.

[republic1776]

CitizenUSA,
You are such a moron...
Do you realize that the Severs at MCDonalds look at "pictures" and pree the button when you order?
Who did this democats or Rebublicans?
THEY are ONE PARTY!
Please Read our Constitution!

[txpatriot4us]

Think about it, this is Bush Boys last opportunity to rob the national treasury and cover-up the frauds and theft of the country, we are supposed to be stupid enough to "look into his eyes" and believe him!
I have looked into his eye, " Satan Is Smiling Back"
What threats come next Dubya, Give us the 700 Billion or I will declare marshall Law and take it?

[u-r-right]

Recipe for success:

Whatever this chimp says, do the exact opposite and watch this country flourish.

NO BAILOUTS!!!

[stn_sage]

You know instead of dealing with the bailout, Congress should be working on impeaching and putting to trial, ''W'' and his buddy, Cheney!

Saying ''NO'' to this BAILOUT, should be a no-brainer to ALL of Congress!

[aaabee-2009]

Did anyone but me catch that from Bush''''s speech?
Posted by hungry1968-1 at 09:19 PM : Sep 24, 2008

For like 8 years....LOL

[formrusmcsgt]

"..President Bush said "our entire economy is in danger" in a prime-time address Wednesday."
---

And just why is that, dubya?

Because your SEC Chairman Christopher Cox and your Treasury Secretary Paulson turned a blind eye to the chicanery on Wall Street allowing companies to borrow 30+ times their worth.

Where''s your apology for such blatant and unmitigated malfeasance?

[shanev137]

You really gotta wonder what kind of people make a point of catching Bush speaking on TV. The first time I ever heard him speak 7 years ago was the last time. Every other sentence that comes out of his mouth just confirms what a total moron he is.

[freemrkbs]

The Partisans wrangling is over

Both Parties can share in the blame

Ultimately though the Bucks stops on the Presidents desks

I don%u2019t support this bailout plan regardless the reasons given by Bush, Reid or any other Republican or Democratic Politician

The same people that have brought this on over the last thirty years are the ones deciding what%u2019s the best course of action, outrageous.

Things cannot be that bad baseball stadiums are still full of fans, the NFL is still playing games, Corporations are still advertising.

IF there is going to be a $700 Billion bailout plan, I%u2019d like to see five different plans one drafted by a committee of US citizens then put all five plans on the NOV 4th ballot let the American people decide this time

And what about the millions of Americans that have played by the rules the last 5-20 years and payed their bills on time, mortgages etc what''s in this bill for them. Why do they have to share in the bailout when the bailout offers those folks zero in return?

Is the Bush Admin proposing affordable housing no more tent cities, cleaning up Americas decaying cites, new infrastructure programs for those in need rebuild decaying roads and bridges, way to many problems to give the Bush Admin a $700 billion dollar check at the taxpayers expense

JOBS, JOBS, JOBS TOO

[rlcolt]

During the depression, World War Two, and the Civil War no one stopped the campaign. More then ever they debated the problems at hand.

[citizenusa-2009]

CitizenUSA,
You are such a moron...
Do you realize that the Severs at MCDonalds look at "pictures" and pree the button when you order?
Who did this democats or Rebublicans?
THEY are ONE PARTY!
Please Read our Constitution!


Posted by republic1776 at 09:18 PM : Sep 24, 2008

Are you BRAIN DEAD? Why did we have a SURPLUS when Clinton (a Democrat) was in office and why do we have HUGE DEFICITS when the GOP is running the show? Have you been asleep for the past 8 year pal or are you posting from Bangladesh?

[aaabee-2009]

Think about it, this is Bush Boys last opportunity to rob the national treasury and cover-up the frauds and theft of the country,Posted by txpatriot4us at 09:19 PM : Sep 24, 2008

I think that is EXACTLY what they''re doing. Exactly.

[mhenry55]

We have a friend who is a mathamatition and he has figured out that with this proposed bailout to these dying financial institutions, the government could give evey man,child, women and illegal alien $2 million dollars a piece. I am more in favor of this. This plan would surely stimulate the economy and help the real people of the United States instead of these failing institutions that made bad business decisions.

[downtowner97]

At what exact point in time did Bush and his gang go from "It''s Clinton''s fault." to "The new guy''s gotta fix this."? Was there any point in between these two philosophies where Bush was actually responsible for anything?

[im4honesty]

America is finally waking up! These criminals have almost destroyed our country. It''s not too late!! Please vote!! We need a competent leader!!

Obama 08

[republic1776]

Tx2Democrats,
Woodrow Wilson, FDR set up the big losers.
The Were Vietnam war loser President Johnson,
Loser Jimmy Carter, Secret **** Bill Crinton!

[stn_sage]

I suggest---in fact, I believe---that there is an excellent chance that this idiot WILL declare martial law before the election---with the next 4 weeks!

WHEN that happens, THAT''s when the Civil War BEGINS!

That''s when the arms come out, and the citizenry acts to rid this country of it''s TRAITORS!

Right now, it''s Republicans who OUGHT to be concerned about what their MAD leaders will do NEXT!

[incog-nito]

Whenever this administration says "Hurry! There''s no time left! Do it NOW before it''s too late! Just sign on the dotted line and leave the details to us," it''s time to worry.

[formrusmcsgt]

Both Parties can share in the blame.
Posted by freemrkbs at 09:21 PM : Sep 24, 2008

Paulson, Cox, and their boss dubya are to blame for this meltdown.

(All three are Repubs)

[meboard]

Oh sure ''w''...and the Iraq War will pay for itself. "Fool me once, shame on me, fool me twice, same on you...me, uhm...fool me...uhmmmm?"

[rebelrepubli]

From fdic.org... "With an insurance fund totaling more than $49 billion, the FDIC insures more than $3 trillion of deposits in U.S. banks and thrifts %u2013 deposits in virtually every bank and thrift in the country." $49 billion insuring more than $3 trillion??? Our government is scared to death that the FDIC will go belly up. If that happens, they won''t be calling it "a crisis" - it''ll be total chaos and mayhem - it will be a total collapse.

[renojmc]

Please vote!! We need a competent leader!!

Obama 08

Posted by im4honesty at 09:23 PM : Sep 24, 2008
------------

I certainly will. Like any competent person, I''ll be voting for McCain!

[citizenusa-2009]

We went from having a Rhodes Scholar in the White House to a greedy moron from a family who made their FORTUNES on oil. What did everyone THINK was going to happen? Bush used US and shamed the Republican party for DECADES to come!

[formrusmcsgt]

Posted by mianfo2008 at 09:24 PM : Sep 24, 2008

How many times you gonna paste that same post?

You really find it all that spectaculur, do you?

Sheesh....